Directs the Office of Student Financial Assistance to: monitor compliance of participating institutions of higher education with financial aid program rules and regulations, and evaluate continued participation based on performance; provide training and assistance to institutions of higher education regarding financial aid program rules and regulations; require additional data and information from for-profit institutions of higher education to evaluate risk to state funds; impose conditions or terminate the participation of an institution of higher education in state financial aid programs if the institution puts state funds at risk or fails to comply with program rules and regulations; develop standards for review for participation of new institutions of higher education in state financial aid programs.   Official Text and Analysis.

Authorizes the Council to collect additional data from a for-profit institution to evaluate the ability of the institution to meet commitments to students receiving state aid, and removes the direction to the Council to require additional data and information from for-profit institutions to evaluate risk to state funds.

Requires the Office of Student Financial Assistance within the Washington Student Achievement Council to monitor compliance of institutions of higher education with financial aid program rules and regulations and evaluate continued participation based on performance.